India’s GDP will increase by 7% in FY23: NSO’s advance estimates

The National Statistical Office (NSO) on Friday released advanced estimates of National Income for 2022–23, showing that the Indian economy is predicted to increase at a rate of 7% in 2022–23 as opposed to 8.7% in 2021–22. The manufacturing sector’s subpar performance will be the primary cause of the decline.

“Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 trillion, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 trillion, released on May 31, 2022,” NSO said.

As opposed to a growth of 9.9% in FY22, it is predicted that the manufacturing sector’s output will slow to 1.6%.

It said, “The growth in nominal GDP is projected to be 15.4% in 2022–2023 compared to 19.5% in 2021–2022.”

Trade, hotels, transportation, communication, and services associated to broadcasting are anticipated to experience the strongest growth in FY23, with a projected 13.7% increase over FY22.